(MONEY.CNN) — Apple on Wednesday unveiled a thinner, taller, faster iPhone 5 at a highly anticipated event in San Francisco.

The device, which is 18% thinner and 20% lighter than the iPhone 4S, is the thinnest smartphone in the world, according to Apple. With a four-inch screen, the iPhone 5 allows for five rows of apps — one more than previous versions of the device, which sported a 3.5-inch screen.

Apple said the iPhone 5′s processor speed is twice as fast as the previous version, an advance made possible by the company’s new “A6″ chip.

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